Oil Prices Have Risen By 10% Since Drone Attack In Saudi Arabia

Oil prices have risen by more than 10% in Asian trade since the oil rig attack in Saudi Arabia. Amid fears of a surge in black gold prices, US President Donald Trump has allowed the release of oil from the United States Strategic Oil Reserve.

In Asian e-commerce, US light crude oil for delivery in October rose by nearly ten percent to $ 60.23 a barrel.

London-based North Brent raised its price by 11.04 percent to $ 66.87 a barrel.

The reaction of the markets is not delayed after Saturday’s attacks on the facilities of Saudi oil giant Aramco. 

The attack by Iran-backed Houthi rebels in neighbouring Yemen, where a Saudi-led Coalition is bogged down in a five-year war, hit two sites owned by state-run giant Aramco and effectively shut down six percent of the global oil supply.

Amid fears of turbulence in the markets, US President Donald Trump has allowed the release of oil from the strategic reserve. It has only been used three times, the last one in 2011 because of the fighting in Libya.

In a tweet, Trump also said that Washington is ready to respond to attacks on Saudi oil infrastructure.

Read More

Montenegro Government Approves 30 Year Concession Plans For Airports

Montenegro's government has approved a project for awarding a 30-year concession contract to run the country's two international airports, in Podgorica and...

Yordanov: Serbia Must First Join NATO Before Thinking About Joining The EU

The work of the European Parliament has begun. This week was a week of election of committee leadership'', said Alexander Yordanov, MP...

Flood Danger In 24 Districts

Cyclone Nefeli is now in our country. Over the country the rainfall will continue throughout the day, with the most intense being expected to...

Recent

Greek Police Shut Down Alcohol Smuggling Network In Bulgaria & Greece

Fourteen people were arrested as members of a suspected criminal network smuggling large quantities of alcohol from Bulgaria and reselling it in...

HyperScience Receives $30 Million From Investors

Founded in Bulgaria developer of software products and services HyperScience has attracted 30 million investment. This is the last round of funding for...

Bulgarian-Chinese Joint Tender Project To Supply 15 Electric Buses

Bulgarian-Chinese tie-up Higer-Aowei won a tender to supply 15 electric buses and six charging stations in Sofia for 8.37 million euro ($9.36...